Sadly, commonly held misconceptions surrounding the mortgage process linger, both in publicly-shared stories and on the internet. All too often, these misconceptions contribute to buyers’ fears and elevate the level of stress they feel when entering into home buying and financing.
So when asked what one piece of advice I would give or what 1 action will reap the best results for the greatest number of home buyers/borrowers?
Don’t wait until you’re ready to view homes. Seek the advice and assistance of the most experienced Loan Officer you can find … as early in the process as possible.
The more time allowed for preparation, the better. The results of this one action can be amazing. The more you know, the better things will go on your home loan.
It is a common misconception that All Lenders /loan officers/ Originators are created equal. There are MANY differences in mortgage programs offered, education, experience, expertise, and ability.
Unsure how a Lender uses your credit history and scores to determine a mortgage approval?
Unfamiliar with what mortgage programs may be available to you? What down payment you’ll need to qualify for those programs?
Misconception: You need a 20% down payment to buy and finance a home. Completely untrue! No-and-Low down payment financing options exist and can help you buy!
Are you a Veteran in search of financing?
Common Misconception: Veterans can use their VA benefit only one time.
Another misconception is that using PMI (Private Mortgage Insurance) to finance a home is never a good idea.
Want to get a head start on gathering the documentation needed for your Mortgage Application?
Misconception: Mortgage Application is hard because you need so many documents. Not True. With a little preparation and planning, it can be done quickly and easily.
Are you a First-Time Home Buyer considering the purchase of a Condominium or Townhome?
Misconception: You can always tell the difference between a Condo and Townhome just by looking at them. Not True … and working with an experienced knowledgeable agent and Originator can make the difference between a successful purchase and failure!
Dreaming of buying a new construction home?
Misconception: Buying a new construction home is the same as buying an existing home? Not true … important differences exist and knowing those differences is very beneficial.
Already a home buyer, but want to buy and finance again (or refinance)?
Misconception: Once you’ve been pre-approved for a mortgage, you don’t need to apply or be approved for a new mortgage when purchasing again in the future. Not true!
A Mortgage Originator will assist you in determining what is fact versus what is fiction regarding YOUR personal financial scenario. They will remove any misconceptions you may hold regarding YOUR personal prospects and options for successful financing.
The mortgage process is increasingly personal to your specific credit standing and finances and the specific home you wish to buy/finance. And comparisons to another’s home buying and mortgage or application experience should be avoided at all costs.
Too often misconceptions formed and erroneously held “facts” scare people away from home buying and financing. Or they elevate the stress levels of those applying for a mortgage.
The misconceptions and source(s) of stress and fear are easily addressed by reaching out to an experienced knowledgeable mortgage professional. Whether it’s credit or monetary in nature, actions and improvements made under the guidance of your Mortgage Originator can eliminate many of the challenges others face during mortgage underwriting. That, in turn, lowers the stress you may feel when seeking mortgage approval.
Why stress over things that are not true or may never occur during your financing?
Battle these and other misconceptions. Get the facts. If buying, refinancing or buying an investment property in Oregon talk to me and ask your questions right away. As soon as you decide to buy. Do Not wait until you are wanting to make an offer, do it now – when there is still time to get ready.
By taking this one simple action, you can ease any misconceptions held and gain the information you need to prepare for and navigate your mortgage process as smoothly, easily, and quickly as possible.